EL PASO, TEXAS — CBRE Capital Markets has brokered the sale of the Walter Jones Logistics Campus, a 497,611-square-foot office/industrial complex within Butterfield Trail Industrial Park in El Paso. Anchorage, Alaska-based Bond Commercial Properties purchased the asset, which consists of four structures: two distribution facilities with cross-dock loading, an office building and a standalone distribution facility. Penske Logistics is a key tenant at the property, which was 71 percent leased at the time of sale. Jack Fraker, Josh McArtor, Jonathan Bryan, Heather McClain Venegoni and Anthony Mash of CBRE represented the seller, Invesco Ltd. Bond selected Mash as the exclusive listing agent for the complex going forward.
Texas
HOUSTON — HFF has brokered the sale of Old Farm, a 734-unit Class A multifamily community located at 2500 Old Farm Road in Houston’s Galleria submarket. The property features one-, two- and three-bedroom units averaging 950 square feet each. Amenities include two fitness centers, two swimming pools and a business center. At the time of the sale, Old Farm was 96.2 percent occupied. Todd Marix, Craig LaFollette, Todd Stewart, Tre Banks and Chris Curry of HFF represented the seller, a client of L&B Realty Advisors. CBRE Global Investors purchased the property free and clear of debt on behalf of the CBRE Strategic Partners Value 6 Fund.
AUSTIN, TEXAS — Weingarten Realty Investors (NYSE: WRI) has acquired the 350,000-square-foot Mueller Regional Retail Center in Austin. Home Depot, Marshalls, Bed Bath & Beyond and PetSmart anchor the power center. Close proximity to Interstate 35 results in traffic counts in excess of 240,000 vehicles per day. The property is part of the larger Mueller Regional Retail District, a 700-acre master planned community that will include a total of 4 million square feet of retail space and 4,600 residential units upon completion.
HOUSTON — Radler Enterprises Inc. has broken ground on Phases III and IV of Beltway Lakes, a 46-acre master-planned office park at the intersection of Beltway 8 and Highway 249 in the Northwest Houston submarket. The new buildings are two nine-story, Class A towers totaling 540,000 square feet. Both are LEED Gold Pre-Certified and will include amenities such as a fitness facility and two on-site dining options. A climate-controlled walkway will connect an adjacent parking garage to both facilities, which were designed by architecture firm Gensler. Radler Enterprises began development of Beltway Lakes in 2008.
HOUSTON — Greystone has arranged a $20.2 million CMBS loan for the acquisition of The Place at Greenway, a multifamily property in Houston. Located at 3333 Cummins Lane, the apartment complex includes 219 units plus amenities such as a pool, clubhouse and fitness center. The loan, which was co-sponsored by Redwood Capital Group of Chicago and BH Management Services of Des Moines, Iowa, features a 10-year term and a fixed interest rate. Robert Russell of Greystone originated the loan and managed the closing.
AUSTIN, TEXAS — HFF has arranged $17.25 million in financing for the acquisition of Ten Oaks Apartments in Austin on behalf of Price Realty Corp. The multifamily complex, completed this year, features 192 units that are 97 percent occupied as well as amenities such as a clubhouse, fitness center, resort-style pool, business center and cyber cafe. Ten Oaks is located at 12612 N. Lamar Blvd., about 10 miles north of downtown and in close proximity to Interstate 35 and U.S. 290. John Brownlee of HFF arranged the terms of the three-year, floating-rate loan on behalf of the borrower, Price Realty Corp.
PEARLAND, TEXAS — Marcus & Millichap has brokered the sale of the Southeast Regency Mixed Use Development, which consists of a 67,000-square-foot office building and a 19,384-square-foot retail facility in Pearland, approximately 15 miles south of downtown Houston. The complex, located at 1910 – 1930 Country Place Parkway, commanded a list price of $4 million. Jerry Goldstein of Marcus & Millichap represented the seller, a financial institution. Goldstein also secured the buyer, a limited liability company.
COPPELL, TEXAS — Duke Realty has arranged a lease for 263,625 square feet of industrial space for Anna’s Linens at Point West VI, a warehouse building located at 400 Dividend Drive in Coppell, about 20 miles northwest of downtown Dallas. The tenant, a retailer of sheets, curtains and other home goods, will use the location as a regional distribution center. Duke owns the facility, which totals more than 1 million square feet and is now fully leased. T. Holden Rushing and Jeff Cannon of Studley represented Anna’s Linens in the lease negotiations, while Duke was represented internally by Randy Wood.
DALLAS — Wood Partners has broken ground on Alta Maple Station, a $36.3 million, 249-unit apartment community in downtown Dallas. The property, located at 5522 Maple Ave., allows for easy access to the Dallas Area Rapid Transit system and major area employers Parkland Hospital, University of Texas Southwestern and Southwest Airlines. Amenities such as a resort-style pool, fitness center and media lounge will be included in the complex. Leasing is scheduled to begin in late 2014, and construction is slated for completion in early 2015. Wood Partners is acting as both developer and general contractor on the project. Good, Fulton & Farrell Architects is serving as the architect.
PASADENA, TEXAS — Marcus & Millichap has brokered the sale of a 15,908-square-foot office building in Pasadena, approximately 14 miles southeast of downtown Houston. The building, located at 2702-2706 Cherrybrook Lane and previously occupied by the State of Texas, had a list price of $1.3 million. Justin Miller and Derek Hargrove of Marcus & Millichap’s Houston office represented the seller, a Houston-based limited liability company, and also secured the buyer, a Rio Grande Valley-based limited liability company.